According to Santiment's latest report, Bitcoin sentiment fell to 0.37 positive comments per negative comment following the October 29 breach, with negative comments outnumbering positive ones by approximately 2.7 to one. Binance-associated wallets recorded roughly 28,316 BTC in net outflows through November 5, with withdrawals initially suspended before reopening in stages from November 1. Across all exchanges tracked by Santiment, Bitcoin balances fell by 38,631 BTC, or 2.92%, between October 25 and November 5, though the decline started four days before the breach. The firm noted that Bitcoin funding rates remained predominantly positive and generally within familiar ranges, with traders not collectively taking unusually aggressive bearish positions.
US spot Bitcoin ETFs experienced a significant $1.28 billion net outflow during November 2-6, with investors pulling $643 million out on October 30 - a day after hackers took $6.3 billion from Binance. BlackRock's iShares Bitcoin Trust (IBIT) alone lost $1.21 billion over the week, including $403 million in Friday's session - its largest daily withdrawal. Over the last two trading sessions, investors pulled about $1 billion from US Bitcoin ETFs, with the funds holding $111.3 billion that day. When investors redeem ETF shares, issuers sell or hand back the Bitcoin behind them, adding supply to the coin's market. Ethereum ETFs shed $365.2 million during the same period, extending outflows seen in most sessions since early October.
Despite BlackRock's massive outflows, Fidelity's competing Bitcoin fund FBTC finished the week with $93.1 million in net subscriptions despite Thursday's $199.9 million withdrawal. The fund's $236.7 million intake on Wednesday outweighed the Thursday outflow, while smaller inflows on Monday, Tuesday and Friday kept its weekly balance positive. Other Bitcoin products showed mixed results, with Bitwise's BITB losing $20.5 million, ARK 21Shares' ARKB shedding $20.1 million, and Grayscale's GBTC recording $61 million in withdrawals. The remaining Bitcoin products reported zero net flows during the week.
Ethereum ETFs recorded $365.2 million in withdrawals despite Wednesday's brief recovery, with BlackRock's ETHA leading Friday's withdrawals at $90.8 million. Fidelity's FETH lost $1.7 million, while Grayscale's Ethereum Mini Trust shed $1.9 million. BlackRock's separate ETHB product attracted $1.1 million, and none of the other tracked Ether funds recorded positive flows. Ether funds had already lost $431.4 million during October 26-30, with October withdrawals reaching $1.61 billion and $155.7 million leaving during the month's final trading session. The category opened November with withdrawals of $139.7 million on Monday and $85.3 million on Tuesday.
The latest Bitcoin outflow totals exceeded the $202.4 million recorded during October 26-30, with combined Bitcoin and Ether outflows rising from $633.8 million in that earlier week to approximately $1.65 billion. As reported by crypto.news, the brief return to inflows on Wednesday failed to carry through, with Bitcoin funds recording four negative days and one positive day. AMINA Bank's head of derivatives trading Andreja Cobeljic identified renewed Ether ETF buying as a signal to watch when assessing institutional demand for 2027, stating "Simply put, ETH flows." Current technical analysis shows Bitcoin trading inside the Bollinger band with upper resistance at $78,628.5 and lower support at $76,644.75. The bearish MACD death cross at -503.2 and price below both EMA50 at $78,764.58 and EMA200 at $80,964.15 maintain negative structure.
